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Straight-Time Pay
The total amount of money earned for a pay period at the regular hourly rate.
Straight-Time Pay Formula
Hourly Rate x Hours Worked
Overtime pay
pay received for hours worked in addition to regular hours
Time and a Half
an overtime pay rate of 1 1/2 times the regular hourly rate
double time
an overtime pay rate of 2 times the regular hourly rate
Total pay (gross pay) formula
Straight-time pay + Overtime pay
Overtime Pay Formula
Overtime rate x Overtime hours
Weekly Time Card
A daily record of the time you report to work and the time you depart
Total Hours worked formula
Sum of daily hours in a week
Piecework pay
Pay according to the number of units produced.
Piecework total pay formula
rate per item x number of items produced
Salary
A fixed amount of money paid to an employee for each pay period.
Salary per Pay period
Annual salary / number of pay periods per year
Commission
An amount paid to an employee based on a percentage of the employee's sales. Might be paid a commission only, or have guaranteed minimum salary. If so, if your commision > minimum salary, you are paid commission, and vice versa.
Commission Formula
Total sales x commission rate
Gross pay (commission)
Salary or commission, whichever is greater
graduated commission
Pay based on a different rate of commission for each of several levels of sales. when you reach quota of sales, your commission increases
Total graduated commissions formula
sum of commissions for each level of sales
FIT
Federal Income Tax. amount your employer witholds from your paycheck to give to the government. There are tables specifying.
Witholding allowance
reduces the amount of federal income tax to be withheld, depending on the amount of people you support
Simple Average
assumes the same number of each object
Weighted average
Average of data that takes other factors such as the number of items into account.
List price/catalog price
The retail price listed in a catalog or on an Internet site
Trade discount
a reduction in the list price granted to customers, or retailers by wholesalers
net price
The price after the trade discount has been deducted from the list price.
Trade discount rate
The amount of the discount of an item expressed as a percent of the list price.
Trade Discount formula
List price x Trade-Discount Rate
net price formula
list price - trade discount
Complement
way to find net price, expressed as a percentage
complement formula
100 - trade discount rate
Net price formula using complement method
List price x complement
Trade discount rate formula
trade discount (in $$)/list price
Chain discount
Occurs when the list price of a product is subject to a series of trade discounts.
how to calculate chain discount
you must add up each discount individually. written as {percent one} less {percent two} or {percent one}/{percent two}. First fine the first discount {percent one}, then the second with the remaining price
net price rate
multiplication of all the chain discounts as complements. For example, $30 list price at 5/10 is $30 x 0.95 x 0.90. Net price rate is 0.95 x 0.90. You pay 85% of the original price.
SED (single equivalent discount)
Complement of the net price. Use this to find the discount. SED x list price = discount
Ordinary dating discount
an incentive to pay early. The supplier will offer a cash discount if the bill is paid in a certain number of days. Ordinary dating example: Invoice says 2/10, net 30 (or 2/10 n30) means that there is 2% cash discount if paid within 10 days, and net price has to be paid in 30 days.
Cash Price formula
Net price - cash discount
Note 
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